NEWS

Paul Hastings European Leveraged Finance and Capital Markets Practice Welcomes Leading New Partner

January 12, 2012

Frankfurt, Germany and London, UK (January 12, 2012) - Paul Hastings LLP, a leading global law firm, announced today that Karl F. Balz has joined the Leveraged Finance and Capital Markets practice in Frankfurt, Germany, and London, UK, as a partner. Mr. Balz, previously with Hengeler Mueller, London, has considerable experience in leveraged finance and capital markets, in particular high yield bond offerings. His practice also encompasses M&A work and restructurings.

"Karl has been involved at the cutting edge of a range of financing, M&A and restructuring deals on both sides of the Atlantic. His extensive experience in high yield reflects our strong push into the European leveraged finance market and consolidates and enhances our global service offering in that field," said William Schwitter, chair of the Leveraged Finance practice at Paul Hastings.

"We are very much looking forward to working with Karl. He has spearheaded some landmark deals in new areas of German law, is an authority on US cross-border transactions and is a respected author on High Yield Bond and Refinancing law," Peter Smeets, chair of the Frankfurt office, added.

"Karl's knowledge and expertise will be a great benefit to the European practice and his appointment demonstrates our commitment to continued investment in the Leveraged Finance and Capital Markets areas," commented Ronan O'Sullivan, chair of the London office.

Mr. Balz's practice focuses on securities offerings with an emphasis on high yield bond and rights offerings, leveraged financings, restructurings, mergers and acquisitions and private equity transactions. Prominent deals in which Mr. Balz has played a significant role include: Heidelberger Druckmaschinen's offering of €304 million 9.25% Senior Notes due 2018, KUKA's offering of €202 million 8.75% Senior Second Priority Notes due 2017, Phoenix Pharmahandel's offering of €506 million 9.625% Guaranteed Senior Unsecured Notes due 2014, Klöckner & Co's 2011 and 2009 rights offerings of approximately €527 million and €200 million, respectively, as well as IBM's acquisition of Systems, Research and Development and Bristol-Myers Squibb's sale of its consumer medicine business to Novartis.

Paul Hastings is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.